Auditing Profession Act, 2005 (Act No. 26 of 2005)

Board Notices

Independent Regulatory Board for Auditors

Adoption of the International Auditing and Assurance Standards Board's (IAASB) 2022 Handbook of International Quality Management, Auditing, Review, other Assurance, and related services pronouncements in terms of the Act, as amended

Board Notice 509 of 2023
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Board Notice 509

17 November 2023

GG 49720

 

Independent Regulatory Board for Auditors

 

Notice is hereby given, in accordance with the provision of Section 4(1)(e) of the Auditing Profession Act 26 of 2005, as amended, regarding the following:

 

The Independent Regulatory Board for Auditors (the IRBA) hereby resolves to adopt, issue and prescribe the following publications:

 

1. Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition, Volume 1, ISBN: 978-1-60815-546-0.
2. Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition, Volume 2, ISBN: ISBN: 978-1-60815-546-0.
3. Supplement to the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition, Volume 3, ISBN: 978-1-60815-546-0.

 

These publications replace the following issues:

 

• Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2021 Edition, Volume I, ISBN 978-1-60815-507-1;
• Handbook of International Quality Control, Auditing, Review, Other Assurance, and
• Related Services Pronouncements, 2021 Edition, Volume II, ISBN 978-1-60815-507-1; and Supplement to the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2021 Edition, Volume III, ISBN 978-1-60815-507-1.

 

The latest edition of the handbook includes:

• IAASB’s new and revised suite of quality management standards:
o International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
o ISQM 2, Engagement Quality Reviews.
o International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements.
o Conforming and Consequential Amendments to Other ISAs Arising from the Quality Management Project
o Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards
• International Standard on Related Services (ISRS) 4400 (Revised), Agreed-Upon Procedures Engagements.
• The following standards – that are not yet effective for this version of the handbook – have, however, been included in the back of volume 1:
o ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors).
o Conforming and Consequential Amendments to Other International Standards arising from ISA 600 (Revised).

 

References to the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants must be read in conjunction with the IRBA Code of Professional Conduct for Registered Auditors, which has additional requirements for registered auditors in South Africa.

 

These 2022 publications are issued by the IRBA under the following copyright permission from the International Federation of Accountants:

 

“The Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition is based on the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition of the International Auditing and Assurance Standards Board, published by the International Federation of Accountants (IFAC) in October 2023 and is used with permission of IFAC.

 

Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition © October 2023 by the International Federation of Accountants.

 

Contact [email protected] for permission to reproduce, store or transmit, or to make other similar uses of this document.”

 

By virtue of having adopted the publications listed under points 1, 2 and 3 above, the Board deems them to have been prescribed without the publication of the entire books. As such, it hereby communicates their adoption to Registered Auditors and also makes them available on the IRBA website. The Code and subsequent amendments are also available on the IRBA website.

 

For further assistance, enquiries may be directed to [email protected].

 

 

Mr I Nagy

Chief Executive Officer